Deal Description: April 19, 2019 - Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, announced late Thursday that it has entered into an agreement to sell the Nacogdoches Generating Facility to Austin Energy for $460 million.
The 115-megawatt (MW) plant serves electricity needs in Austin, Texas under a long-term power purchase agreement with Austin Energy. The $460 million purchase price is subject to customary closing adjustments. The transaction is expected to close in mid-2019, subject to customary closing conditions.
Baker Botts was Southern Power’s primary outside counsel in this transaction.
Target: Southern Power to sell the Nacogdoches Generating Facility to Austin Energy
Outside Counsel to Southern Power: Baker Botts L.L.P.
Financial Advisors to Southern Power: Barclays
Other Parties: Austin Energy
Outside Counsel to Austin Energy: Husch Blackwell LLP
Financial Advisors to Austin Energy: JPMorgan
Value: US $460 Million
Baker Botts Lawyers/Office Involved:
Corporate: Bill Lamb (Partner, New York); Jonathan Bobinger (Partner, Houston); Susan Toumanian (Associate, Washington, D.C.); Allison Lancaster (Associate, Austin); Brian Garrott (Associate, Austin); Grace Matthews (Associate, Austin)
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